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QTUM Coin: Cryptocurrency News & Blockchain Smart Contract Uses?

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Qtum Platform Review

A recent review author posited the joke: “What do you get when you cross the BTC blockchain with the Ethereum Virtual Machine? Qtum!” That’s a handy if comic depiction of the platform, although it’s far less of a joke than an accurate description of what the average user will experience.

Qtum [Qtum.org] is essentially the Ethereum system, but without Ethereum’s blockchain – it employs the Bitcoin blockchain instead. The immediate benefit to users is that enhancements to both Ethereum and Bitcoin will impact on and be assimilated into Qtum. For example, any existing Ethereum smart contract can also be deployed via Qtum on the Bitcoin blockchain.

Pronounced “quantum,” the company has a stated focus on the lucrative, “business friendly” aspects of blockchain technology. Qtum is driven by the same realization many share, that blockchain is a fundamental, global business shift of unparalleled scale.

With many startups and existing businesses seeking to address the debilitating issues of blockchain adoption – performance and personalization – Qtum is an innovative solution that grants users the most seamless experience across the (currently biggest) public chains.

Qtum Is A Hybrid Bitcoin-Ethereum Platform

A common clincher for developers who choose to run on the Bitcoin blockchain is that project’s Simple Payment Verification (SPV) protocol which allows “light” wallet interaction with the blockchain. Qtum now extends such functionality to dapps and smart contracts, which makes it a more attractive route for development. Another peripheral benefit of this is that smart contract products can employ one blockchain pending approval. If adoption isn’t what was anticipated, the other can then be tried on for size.

The bridge Qtum has built means that, rather than starting from scratch when adoption fails, developers can simply jump ship to another platform altogether.

Ethereum and Bitcoin also handle transactions’ small change differently. After a recipient address is paid in full, Bitcoin’s Unspent Transaction Output (UTXO) protocol would be incompatible with Ethereum’s Virtual Machine, were it not for Qtum. By engaging the Qtum Account Abstract Layer, users allow the protocol to translate transactions from Ethereum’s accounts-based system into the UTXO blockchain.

Qtum Protocols

The Qtum token is similar to ETH, as it derives its value from user demand. Current value sits at $10.96. The project employs a proof-of-stake (PoS) consensus algorithm, and with no upper limit on coins, miners’ rewards are theoretically infinite. While investors seem to prefer the high values of more volatile altcoins like Bitcoin, Qtum has an inherent, persistent value of its own.

One company that has recognized this is Bodhi. A “decentralized prediction market platform,” the Bodhi project seeks to better garner crowd predictions on future event outcomes. In fact, Bodhi’s was the first dapp launched on the Qtum mainnet. Essentially a bookmaking or prediction gaming site, the Bodhi platform allows users to generate events. When an event comes to an end, an oracle dispenses the final results and winners ensue.

Another case study of Qtum at work comes in the form of Agrello. This company has also built upon Qtum, and is focused on the interplay of AI while generating legally-binding smart contracts. According to the Agrello team, the decision to use Qtum was heavily influenced by its unique route to the Bitcoin SPV. Noting that their users will need not bother with heavyweight environments nor nodes, they can approach a plug-and-play experience. For many, Qtum’s logic and value is immediately apparent and suitable to their purposes.

Qtum Tech Savvy

Developers note that there are almost unavoidable benefits to choosing Qtum over Ethereum itself, or for example, Raiden and other platforms. With that said, technically speaking, there is a notable price for its model. A resident of the land of tiny blocks, Qtum is lessened somewhat by rarefied and expensive transactions. Most are able to look past that, however, as being able to glean the best of both worlds is considered far more enabling and ultimately valuable. Qtum is trading on the network effect of best-of-Ethereum coupled with Bitcoin’s mining and node capacity.

As things stand, Qtum’s versatility is currently outshining all other considerations for many. The issue of transaction costs on the network may improve over time. Qtum employs a UTXO model to track funds on chain. At the same time, it generates smart contracts with the Ethereum Virtual Machine. The compatibility between Bitcoin and Ethereum – both giants in their own way – is a value not lost on startup projects.

Benefits of employing the UTXO model include the facts that transaction histories are wholly transparent with data more secure than employing the Accounting protocol. Qtum does employ the EVM to generate smart contracts. This results in a conflict with the UTXO model. The platform solves this by employing an Account Abstraction Layer that allows for all to be translated to an account-based interface. It is precisely this neat application that generates the compatibility that gives Qtum such value to developers.

By marrying the best or smartest attributes of the two principal public blockchains, Qtum has built a platform quickly growing in popularity. Particularly business-friendly, it is hoped that the stagnant adoption of cryptocurrencies among the world’s merchants will be addressed by the emergence of chains such as Qtum. Now that it is apparent that neither vendors nor their industry or retail clients are open to diminished transaction speeds or their peripheral services, cryptocurrencies are stymied as currency. With platforms like Qtum, many preclusive issues are resolved and the performance of altcoins enabled.

Qtum Conclusion

For techies, Qtum is basically the Ethereum Virtual Machine retooled and running on Bitcoin’s blockchain. For end users of projects built on Qtum, it’s likely they’ll simply think of it as “better.” The platform allows for Ethereum-designed apps to run on the Bitcoin blockchain. Dapps can swap or replicate as they wish between Ethereum, Ethereum Classic and Bitcoin.

Some commentators compare Qtum to a computer mouse. We stopped needing them a long time ago, yet they persist as their value is undeniable. Similarly, while the future may hold some other genius resolution, it’s unlikely that as a bridge between the two biggest crypto chains on earth, Qtum will fall away. If anything, having produced the code that enabled some impressive maneuvering around smart contracts, the platform is likely only gaining in popularity while streamlining its UI.

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Price Analysis

Bitcoin Price Starting to Recover After Sharp Drop; Top Alts Ethereum and Litecoin Are Struggling

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Bitcoin BTC/USD Forecasting

From yesterday's open at $12317 the price of Bitcoin increased to $12761 but then fell below its opening price as it came down to $12100 level. After this retracement, the start of another rise has been seen with the price reaching $13055 at its highest point today before falling nearly $800 in an hour.

The price momentum has been stopped out after an increase of 7.76{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} measured from yesterday's low at $12100 as the price started encountering resistance around the vicinity of the prior high on the ending point of the 5th wave of the upward impulse.

Looking at the 15 min chart, you can see that the price got close to the 0.618 Fib level but there hasn't been an interaction before the price found resistance and has started to flat out, forming a horizontal resistance point. As we are seeing the ending wave of the five-wave impulse its further development would be expected to end around the vicinity of the 0.618 Fib level and proper interaction with the price potentially exceeding it on the spike up.

This would be the completion of the five-wave impulse which started on the 7th of July and is the third wave out of the upward structure from the 2nd of July. Previous to the five-wave increase a corrective triangle has been seen forming which was according to my count the B wave out of the upward ABC three-wave move. This three-wave move would be the X wave of the higher degree count which is why after its completion which is set to develop very shortly I would be expecting a move to the downside as the third wave Y should develop.

Another possibility would be that the correction ended on the first three-wave move which are only the sub-waves of the W wave according to the current count. If that is true, then we could be seeing the development of another five-wave move instead of the three-wave ABC correction to the upside. In either way, from here I would be expecting a move to the downside and if the price falls below the lower interrupted blue horizontal level on the retracement I would indicate that the move to the upside has ended on the third wave and is corrective and not impulsive.

Ethereum ETH/USD Forecasting

From yesterday’s high at $317.62 the price of Ethereum has decreased by 4.61{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} measured to its lowest point today which is at $302.98. The price has recovered since and came up to around $314 after, but is currently being traded at $309.

Looking at the 15 min chart, you can see that the price is currently retesting the 0 Fib level for support as a minor breakout above occurred. The price is likely to find support at the present levels as a breakout occurred on the prior high as well and has shown the absence of strong seller’s pressure.

As we are seeing the development of a five-wave impulse to the upside from 5th of July its ending wave’s development would now likely mean further increase but only for a short while as the next significant horizontal level is getting close. This is the ending point of the prior high and the support point of the impulsive move’s ending point and now serves as significant resistance.

If we are seeing a three-wave ABC to the upside out of which the mentioned five-wave impulse from the 5th of July is the C wave, the price is set to start moving to the downside after its completion, below the ending point of the first ABC to the downside which is at $276.

Upward ABC would be the second wave out of the higher degree three-wave correction which is why the third one would be expected to end on a lower low compared to the first ABC correction which would be its first wave. The most optimal target point of the expected decrease would be around the intersection of the lower ascending level which represents an uptrend support level and the 0.236 Fib level which is at $260.5.

There is a possibility that instead of the price ending its increase from the 5th of July on the third wave, we see it developing in a five-wave manner which will indicate impulsiveness instead of the currently presumed corrective momentum.

In that case, the price of Ethereum cannot go below $296 which is the territory of the 2nd wave on which the price cannot enter on the 4th if we are seeing a five-wave increase which is why the level is serving as a significant pivot point.

Litecoin LTC/USD Forecasting

From yesterday's high at $124.6 the price of Litecoin decreased by 5.37{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} as it came down to $117.9 at its lowest point today. The price came down to the same low level after a recovery attempt has been stopped out at $119.95, but the price is currently being traded around $119.180.

On the 15 min chart, you can see that the price of Litecoin came down to the first significant horizontal support level which is the lower outline level off of the horizontal range in which the price action is bouncing from 5th of July. Including the price action from the day before we have seen the formation of a cup and handle pattern with the price continuing to form the handle structure from yesterday's spike abode the significant horizontal level at $122.32 which is considered as the median point of the higher degree resistance range.

As the price failed to keep up the upward momentum and instead left a spike to the upside falling down fast below the significant horizontal level indicating strong resistance is present above, we have seen a retest of the lowest support level from the mentioned pattern. The price has recovered slightly but again failed to exceed the median point of the horizontal range from 5th which got broken in the second half of yesterday's trading session.

The recovery has developed a retest of the median point and another retest of the support level from the horizontal range with the price currently holding above its half range line. I would be expecting another minor increase which could be another retest of the today's high after which another downfall below today's support level. Even though the handle still hasn't been broken we have seen the price retracing back to the cup's support level which could be viewed as a breakout.

In either way, I would be expecting a retest of the $114.31 horizontal level which was low from the 2nd of July and was the ending point of the five-wave impulse to the downside after which a corrective ABC to the upside has been seen. This is why I think that a breakout from the downside would lead to the formation of another impulsive move which would set to push the price of Litecoin back inside the lower range below the resistance zone at $109.

Conclusion

The price’s of the major cryptos are starting to reach their significant resistance point on the corrective increase whos continuation we’ve seen in the last 24 hours. As the prices are approaching their signifiant resistance levels, after an interaction I would be expecting another downturn in the market.

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Price Analysis

Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) Price Prediction for Today’s Top Cryptocurrencies

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Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) Price Prediction for Today's Top Cryptocurrencies

BTC/USD

From yesterday's high at $13212 the price of Bitcoin decreased by 21.23{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} as it came down to $10407 at its lowest point today. Yesterday's high was an interaction with the significant 0.618 Fibonacci level which ended as a rejection and caused the price to start moving to the downside in an impulsive manner.

 

Looking at the hourly chart you can see that the price came below the 0.5 Fibonacci level and stopped out at the minor ascending trendline from the from 10th of June from when the last five-wave impulse started developing. As the price found support there an immediate recovery has started which managed to pull the price back above the 0.5 Fib level and is currently being traded at $118816, slightly below today's high at $12012.

The price recovered by over 14{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} today measured to the lowest spike to the highest point today but it appears that strong resistance has been encountered as indicated by the last hourly candle. This recovery appears to be correctional and is most likely the 2nd wave out of the starting downtrend. I wouldn't expect it to go above $12451 which would be a 0.618 Fib from the impulsive decrease if the corrective movement is in play.

We've seen the completion of the five-wave impulse from 10th of June which could have been the 5th wave from the higher degree count which I believe that it was. If this is true, then we are going to see further downside for the price of Bitcoin in the upcoming period as a correction of the same degree should develop.

On the hourly chart, you can see that I've projected a target to around $6914 but the price of Bitcoin could go significantly lower as it would be only the first wave to the downside. The five-wave move might not develop and we could instead see a three-wave correction to $8500 before further upside continuation but considering the seller's momentum seen from yesterday, I don't believe that Bitcoin's price is going to continue increasing further.

ETH/USD

From yesterday’s high at $336.1 the price of Ethereum has decreased by over 18{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} measured to the lowest spike the price has been which is at $275.45, but the hourly candle closed above $290.7.

The price is currently being traded at around $304 and was in an upward trajectory until it reached the significant Fibonacci level at $308.59 where it found resistance on the interaction.

As a rejection occurred the price has started moving to the downside again and looking at the hourly chart you can see that its minor uptrend line still hasn’t been broken.

The increase still might continue to the significant ascending trendline which was broken but the price fell immediately inside the territory of the ascending channel, ending as a fakeout. This is why the level might get retested again on the current recovery but we are yet to see how strong is the momentum behind today’s increase.

For now, it looks weak as the Fibonacci level was able to stop it out, so now that the price started moving to the downside we could see the price starting to move below the minor ascending trendline from today’s low.

Prior to the impulsive decrease, we have seen the completion of the five-wave impulse to the upside which could have been the ending wave of the higher degree with now a downturn starting to develop as the bullish period ended.

If we are seeing the development of the higher degree correction we are likely to see a five-wave move to the downside in an impulsive manner which would only be the first wave out of the potential three-wave move of the higher degree.

In that case, the price of Ethereum would be expected to go for a retest of some major resistance point, broken on the way up, out of which the first significant one would be between $187 and $174.

LTC/USD

From yesterday's high at $130.322 the price of Litecoin has decreased by 13{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} coming to $113.36 at its lowest point and even spiked further to the downside coming to $110.69 but the hourly candle closed above $133 leaving a wick on the hourly chart. The price is currently being traded at $117.69 slightly below today's high at $119.7 as a minor recovery has been made. On the hourly chart, you can see that the price of Litecoin fell inside the territory of the lower horizontal range between the $122.32 level and the $109.356 horizontal pivot. This area is highly significant as it was considered to be the support area from the first half of the bear market and managed to hold the price of Litecoin but was eventually broken on the 10th of June 2018. Out of this support/resistance, the $137 horizontal level was its furthest level and considering that the interaction with it ended as rejection with an impulsive downside move seen after, we have likely seen a retest of the broken support for resistance before further downtrend continuation.

From 5th till 12th of June we have seen the development of the five-wave move to the upside which was most likely the ending wave of the higher degree as immediately after its completion we've seen a sideways range forming before a straight downfall. This impulsiveness to the downside indicates that the sellers are taking control. If we are seeing the development of the downtrend and from 26th its first wave in a five-wave manner the price is set to go below the last horizontal support level at $109 and would enter the lower range below the support zone.

If this occurs we could view it as a confirmation of the starting downtrend as the price of Litecoin was continuously increasing from 29th of April and made an increase of 112{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} without a major correctional movement. That this might not be a correction and instead of a starting downtrend we are yet to see from the development of the last move to the downside, but if it were to develop in a five-wave manner with the price going below the last horizontal level the possibility of the starting downtrend would increase significantly.

Conclusion

The cryptocurrency market has experienced a recovery today but the prices of the major cryptos have shown early signs of weakness around their first minor resistance points. We are yet to see if the recovery continues but as the impulsiveness was exhibited by the sellers in the last 24 hours I believe that the prices aren’t headed further up and that we are seeing the start of the downtrend.

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Ripple (XRP)

Ripple Price Analysis: XRP/USD Primed For Further Gains

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Ripple Price Analysis XRP Chart

Ripple price surged higher recently above $0.4400 and $0.4600. XRP to USD is currently correcting lower, but the $0.4255 level is likely to act as a strong support and buy zone.

Key Takeaways: XRP/USD

  • Ripple price traded to a new monthly high at $0.4625 and recently corrected lower against the US Dollar.
  • XRP/USD is testing the $0.4320 support and a major bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is also correcting lower from well above $9,400 and Ethereum price is currently below $270.00.

Ripple Price Analysis

Earlier this week, bitcoin price extended gains above $9,300 and $9,400. It helped ripple and its price recently started a strong rise above the $0.4200, $0.4320 and $0.4400 resistance levels. XRP even broke the $0.4500 level and traded to a new monthly high.

Looking at the 2-hours chart, ripple price even traded above the $0.4600 level and settled well above the 50 simple moving average (2-hours, purple). A high was formed at $0.4625 and recently, the price started a sharp downside correction.

Ripple Price Analysis XRP Chart

There was a break below the $0.4520 support and the 50{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the recent wave from $0.4254 to $0.4625. Moreover, the price broke the $0.4400 support level.

It is currently testing the $0.4320 support and a major bullish trend line on the 2-hours chart. The 76.4{655bb1ac81fcc8fe1349773f52235b1b7ffa4867e106313e43ef9ab5e2338f9c} Fib retracement level of the recent wave from $0.4254 to $0.4625 is also acting as a support.

If there is a downside break, the price could test the main support near the $0.4255 level. As long as ripple price is above $0.4255, it is likely to bounce back in the near term.

An initial resistance is near the $0.4400 level, above which ripple is likely to continue higher towards the $0.4480 and $0.4500 levels. If the bulls regain strength, XRP price could even retest the $0.4625 swing high.

Overall, ripple price is trading with a strong bullish bias above $0.4255 and $0.4150. Therefore, there are high chances of a fresh increase above the $0.4400 and $0.4480 resistance levels in the coming sessions.

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